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Essential Properties Realty Trust, Inc.

EPRT Real Estate Reit Retail

Essential Properties Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $561.2 million, up 24.8% from fiscal 2024.

Revenue
+16.4%
EPS
−15.2%
Free cash flow
+12.9%
Total debt
+12.7%

Quarter to September 2026, against a year earlier

28.24 0.12 +0.43%
Market cap
$6.3B
P/E
22.8×
Fwd P/E
21.0×
Dividend yield
4.46%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 1.53
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — 1 — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 6,290.00
Revenue ttm 639.23
Net income ttm 263.37
Free cash flow ttm (751.33)
Net debt Q 2,935.52
Valuation
P/E 22.77
Forward P/E 21.00
Price / sales 9.57
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.33
Financial health
Current ratio Q 4.94
Debt / equity Q 0.65
Interest coverage Q 2.76
Growth
Revenue growth Q +16.38% (above 0%: growing)
Operating income growth Q +0.82% (above 0%: growing)
EPS, this year +0.03%
EPS, next year A +2.53%
Revenue, next year A +18.58% (at or above 10%: strong)
EPS, past 5 yrs +23.81% (at or above 15%: strong)
EPS, next 5 yrs A +2.05%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.2×, against a ten-year median of 16.0×; over the ten years it ranged from 11.6× in 2018 to 24.6× in 2021.
P/E against its own 10 years 20.04%
10-year low 10-year high
P/S against its own 10 years 18.01%
10-year low 10-year high
P/B against its own 10 years 45.55%
10-year low 10-year high
EV/Sales against its own 10 years 19.25%
10-year low 10-year high

Dividends

Yield
4.46%
Annual rate
1.26
Payout ratio
102.4%
Growth, 2018–25
+15.7%/yr
  1. 0.43 ’18
  2. 0.88 ’19 +103
  3. 0.93 ’20 +6
  4. 1.00 ’21 +8
  5. 1.08 ’22 +7
  6. 1.12 ’23 +4
  7. 1.45 ’24 +29
  8. 1.21 ’25 −17
  9. 1.27 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 49 45 70 30
Receivables 108 143 191 241
Inventory — — — —
Other — — — —
157 188 261 271
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
31 35 41 55

Compound Annual Growth %

10y 5y 3y
Sales — 27.89% 25.12%
Cash Flow — 30.84% 21.78%
Earnings — 43.03% 23.56%
Book Value — 21.61% 19.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.51 Actual 0.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.49 0.34 Miss by 0.15
Q1 FY26 0.49 0.28 Miss by 0.21
Q2 FY26 0.50 0.34 Miss by 0.16
Q3 FY26 0.51 0.27 Miss by 0.24
Q4 FY26 0.54 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.28 0.34 0.27 — —
’25 0.29 0.32 0.33 0.34 1.28
’24 0.28 0.29 0.27 0.30 1.15
’23 0.29 0.35 0.29 0.31 1.24
’22 0.21 0.27 0.26 0.25 0.99
’21 0.14 0.20 0.23 0.24 0.82
’20 0.15 0.11 0.13 0.05 0.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 159 162 169 — —
’25 129 137 145 150 561
’24 104 109 117 120 450
’23 84 87 92 98 360
’22 70 71 71 74 287
’21 49 57 60 65 230
’20 41 39 43 41 164
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 100 110 118 — —
’25 77 100 99 105 381
’24 67 81 74 87 308
’23 54 65 63 73 255
’22 44 58 53 56 211
’21 30 39 46 52 167
’20 26 10 32 31 99
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (237) (147) (188) — —
’25 (228) (206) (216) (180) (828)
’24 (168) (195) (189) (233) (784)
’23 (150) (211) (147) (236) (745)
’22 (142) (97) (113) (217) (570)
’21 (145) (128) (183) (226) (683)
’20 (133) (29) (77) (218) (456)
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 0.0% a year for ten years.

Implied
0.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16 54 96 139 164 230 287 360 450 561 639 +49.0% 666 771 875 +16.0%
Gross margin, % 96.57 97.16 97.94 97.80 97.63 97.50 98.80 98.70 98.89 98.65 98.95 +2.1 pt
EBT 4 6 21 48 43 96 136 192 204 254 265 +59.4%
EBT margin, % 24.66 11.86 21.63 34.68 26.06 41.89 47.38 53.41 45.43 45.33 41.38 +20.7 pt
Net income 4 6 21 48 43 96 135 191 204 254 263 +59.7%
Per share, $
Per share, $ Revenue 0.38 1.33 2.26 2.17 1.72 1.98 2.12 2.36 2.59 2.86 2.95 +25.2%
Earnings 0.09 0.15 0.36 0.65 0.44 0.82 0.99 1.25 1.16 1.29 1.24 +34.4%
Cash flow 0.26 0.55 1.08 1.38 1.04 1.44 1.56 1.67 1.77 1.94 2.00 +25.2%
Capex (7.08) (12.64) (11.89) (9.16) (5.83) (7.30) (5.78) (6.57) (6.29) (6.17) (5.47) (1.5%)
Free cash flow (6.82) (12.09) (10.81) (7.78) (4.78) (5.87) (4.22) (4.90) (4.51) (4.23) (3.47) (5.2%)
Book value 4.26 4.43 19.02 18.75 16.60 17.56 18.50 19.63 20.55 21.46 21.16 +19.7%
Shares, m 41 41 43 64 95 116 135 152 174 196 210 +19.0%
Valuation, ×
Valuation, × P/E 56.83 56.83 55.36 39.38 48.18 35.59 23.09 20.80 26.97 22.99 22.77 38.6
P/S 0.00 0.00 6.13 11.41 12.32 14.57 10.77 11.00 12.10 10.36 9.57 8.9
P/B 0.00 0.00 0.73 1.32 1.28 1.64 1.24 1.32 1.52 1.38 1.33 1.0
EV/Sales 0.00 0.00 11.58 16.48 17.09 19.37 15.48 15.50 16.71 14.71 14.16 12.7
EV/FCF (7.16) (7.16) (2.42) (4.60) (6.15) (6.53) (7.78) (7.48) (9.58) (9.97) (12.05) (6.9)
Cash, $m
Cash, $m Operating cash flow 11 22 46 89 99 167 211 255 308 381 433 +49.0%
Capex (290) (518) (507) (587) (555) (850) (781) (999) (1,093) (1,210) (1,184) +17.2%
Free cash flow (279) (495) (461) (499) (456) (683) (570) (745) (784) (828) (751) +12.8%
Balance, $m
Balance, $m Working capital 11 (212) 26 34 54 86 121 125 153 220 216 +39.9%
Net debt 261 492 524 706 782 1,106 1,349 1,620 2,073 2,441 2,936 +28.2%
Shareholders’ equity 175 181 811 1,202 1,582 2,044 2,497 2,987 3,572 4,208 4,584 +42.4%
Returns, %
Returns, % ROA 0.53 0.89 1.34 2.49 1.89 3.31 3.68 4.35 3.84 4.00 3.67 +3.5 pt
ROIC 0.42 (0.03) 0.68 2.61 1.93 2.67 2.85 3.29 3.08 3.38 3.22 +3.0 pt
ROE 2.11 3.54 3.15 4.16 3.04 5.28 5.91 6.96 6.19 6.50 6.22 +4.4 pt
People
People Employees — 19 18 27 33 37 37 40 48 56 — +14.5%
Revenue/emp, $m 0.00 2.87 5.35 5.16 4.97 6.22 7.74 8.99 9.37 10.02 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Essential Properties Realty Trust is an internally managed real estate investment trust, or REIT, that buys, owns and manages commercial properties. It primarily leases each property to a single tenant under a long-term net lease. Its customers are mainly middle-market companies operating service-oriented or experience-based businesses, including car washes, restaurants, medical and dental services, and early childhood education.

A common transaction is a sale-leaseback: Essential Properties buys a property from its operator and leases it back to that same business. The operator receives capital from the sale and continues using the property, while Essential Properties becomes its landlord. The company also makes mortgage loans secured by properties.

Essential Properties Realty Trust, Inc. vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
EPRT Essential Properties Realty Trust, Inc. $6.3B 22.8× 21.0× +16.38% (above 0%: growing) −15.15% (below 0%: shrinking) +12.90% (above 0%: growing) 98.73% 56.03%
PECO Phillips Edison & Company, Inc. $5.8B 27.5× 44.5× +5.70% (above 0%: growing) +166.50% (above 0%: growing) +95.58% (above 0%: growing) 71.76% 29.93% Compare
KRG Kite Realty Group Trust $5.1B 15.7× 25.3× −7.17% (below 0%: shrinking) n/m −65.52% (below 0%: shrinking) 73.03% 7.13% Compare
SKT Tanger Inc. $4.4B 34.5× 35.5× +11.15% (above 0%: growing) +7.41% (above 0%: growing) −86.16% (below 0%: shrinking) 70.92% 30.98% Compare
Median of peers $7.7B 22.3× 25.9× +5.60% +14.25% +32.02% 72.40% 32.73%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Pete Mavoides said Essential Properties was repricing its pipeline as its cost of capital changed and anticipated fewer transaction opportunities alongside less competition.
  • CFO Rob Salisbury said Essential Properties planned to fund its 2027 investment guidance using retained cash, property sales, revolver capacity and unsettled forward equity.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 116.47%
Held by the ten largest 72.06%
Holder Shares Stake Change
BlackRock 39.64m 18.33% +2.37m
COHEN & STEERS, INC. 38.83m 17.95% +9.22m
Vanguard 32.93m 15.23% +1.91m
State Street 12.08m 5.59% +616.12k
Geode Capital Management 6.24m 2.89% +673.12k
MFS Investment Management 5.43m 2.51% +433.83k
Invesco 5.35m 2.47% −322.60k
Wellington Management 5.34m 2.47% −2.95m
Daiwa Securities Group Inc. 5.19m 2.40% −93.39k
Two Sigma 4.82m 2.23% −363.04k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.63m 7.91m 172,600.00
2024 8.34m 19.33m 175,100.00
2023 7.30m 13.33m 137,620.00
2022 9.79m 8.11m 120,610.00
2021 5.89m 11.74m 141,170.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 15.09%
The Vanguard Group 13.30%
Cohen & Steers, Inc. 9.86%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Essential Properties Realty Trust, Inc. (EPRT) Latest News

30 Oct

Impact 3 · · The Motley Fool

27 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · Investing.com

23 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

21 Oct

Impact 3 · · Zacks
Impact 3 · · Associated Press

25 Sep

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

24 Sep

Impact 3 · · Insider Monkey

23 Jul

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

22 Jul

Impact 3 ·

24 Apr

Impact 4 · · GuruFocus.com

23 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · MarketBeat

22 Apr

Impact 4 · · Zacks
Impact 4 · · Business Wire

27 Feb

Impact 3 · · Zacks

18 Feb

Impact 4 · · Business Wire

17 Feb

Impact 4 · · Business WireMT NewswiresInsider MonkeyMT NewswiresAssociated Press FinanceMT NewswiresSimply Wall St.

15 Feb

Impact 4 · · Simply Wall St.

12 Feb

Impact 4 · · MarketBeat transcript
Impact 4 · transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

EPRT metrics, ten years each

stockrow.com/EPRT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com